Casablanca – In the fiscal year 2023, BMCI Group demonstrated exceptional financial performance, underscoring its commitment to growth and strategic advancement. The consolidated net banking income (PNB) surged to 3.44 billion DH (approximately $355 million), a remarkable increase of 12.6% compared to the previous year. This impressive growth was primarily driven by the rise in market operation results and net interest margin, which soared by 58.7% and 5.9%, respectively. Moreover, BMCI’s lending activities thrived, with consolidated customer loans reaching 58.9 billion DH (approximately $6.2 billion ), marking an 8% improvement.

These financial achievements were disclosed on April 2, 2024, highlighting BMCI’s strong performance throughout 2023. As the Moroccan subsidiary of BNP Paribas, BMCI reported a consolidated net banking income of 3.44 billion Dirhams (approximately $355 million ), reflecting a substantial 12.6% year-on-year growth. The significant increase was primarily fueled by the surge in market operation results and net interest margin, which grew by 5.7% and 5.9%, respectively. On the social accounts front, the PNB stood at 3.20 billion Dirhams (approximately $330 million ), indicating an 8.9% increase from December 2022. However, the consolidated net profit decreased to 171 million dirhams (approximately $17.63 million ) by the end of 2023, down by 7.5% compared to December 2022.

At the account level, the net profit amounted to 194 million dirhams (approximately $20 million ), reflecting a 20.6% decrease compared to December 2022. The decline in net profit was attributed to the tax charge following the completion of the tax audit for the years 2019 to 2022. The consolidated pre-tax profit surged to 613 million dirhams (approximately $63.19 million ) by the end of December 2023, marking a significant 46.8% increase compared to December 2022. For social accounts, pre-tax profit increased by 39.8% compared to December 2022.

Furthermore, BMCI’s lending activities remained robust in 2023, with consolidated customer loans reaching 58.9 billion DH (approximately $6.09 billion ), reflecting an 8% improvement. Similarly, consolidated customer deposits increased by 7.2% to reach 47.5 billion DH (approximately $4.89 billion USD) by the end of December 2023, compared to 44.3 Billion DH in 2022 (approximately $4.56 Billion). Non-interest-bearing resources accounted for 75.7% by the end of December 2023. Consolidated commitments by signature amounted to 15.8 billion DH, (approximately $1.63 billion), representing a decrease of 4.6% compared to 2022. Consolidated management fees reached 2.19 billion DH (approximately $225.77 million). Additionally, the consolidated operating ratio stood at 63.7% by the end of 2023, showing a decrease compared to 2022. The consolidated risk cost increased by 12.8% at the end of 2023, reflecting a prudent provisioning policy. The coverage rate of receivables by the provisions of social accounts stood at 80.75%. Fitch Ratings, the international rating agency, confirmed BMCI’s ratings in January, reflecting its financial strength. According to the bank’s management, these ratings are among the “best” obtained nationally.

BMCI remains dedicated to the successful execution of its strategic plan “Twenty4Change,” focusing on enhancing customer satisfaction, optimizing operational efficiency, and becoming the preferred bank for clients seeking high-value-added services in Morocco.